Growing Old: Paying for Retirement and Institutional Money Management after the Financial Crisis

Brookings Institution Press
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While the immediate dangers from the recent financial crisis have abated—much of the financial system has returned to profitability and the economy is growing, albeit slowly—the damage to the economy will linger for years. Among the many impacts is the problem that may be most acute in the United States: how state and local governments and private companies will honor their obligations under defined benefit (DB) pension plans. Institutional investors also confront new difficulties in the low-interest-rate environment that has prevailed since the onset of the crisis. East Asian economies, namely in Japan, Korea, and China, also face pension issues as their populations age.

In Growing Old, experts from academia and the private sector consider the hard questions regarding the future of pension plans and institutional money management, both in the United States and in Asia. This volume is the latest collaboration between the Brookings Institution and the Nomura Institute of Capital Markets Research on issues confronting the financial sector of common interest to audiences in the United States and Japan.

Contributors: Olivia S. Mitchell (Wharton School, University of Pennsylvania), Akiko Nomura (Nomura Institute of Capital Markets Research), Robert Novy-Marx (Simon Graduate School of Business, University of Rochester), Betsy Palmer (MFS Investment Management), Robert Pozen (Harvard Business School), Joshua Rauh (Kellogg School of Management, Northwestern University), Natalie Shapiro (MFS Investment Management)

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About the author

Yasuyuki Fuchita is a senior managing director at the Nomura Institute of Capital Markets Research in Tokyo. He coedited the Brooking Institution Press books After the Crash (2010) and Prudent Lending Restored (2009) with Richard J. Herring and Robert E. Litan and Pooling Money (2008) with Litan.

Richard J. Herring is the Jacob Safra Professor of International Banking and professor of finance at the Wharton School, University of Pennsylvania, where he is also codirector of the Wharton Financial Institutions Center.

Robert E. Litan is a senior fellow in Economic Studies at the Brookings Institution and vice president for research and policy at the Kauffman Foundation. His many books include Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity (Yale University Press, 2007), written with William J. Baumol and Carl J. Schramm.

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Additional Information

Publisher
Brookings Institution Press
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Published on
Jun 1, 2011
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Pages
151
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ISBN
9780815721543
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Language
English
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Genres
Business & Economics / Investments & Securities / General
Business & Economics / Personal Finance / Retirement Planning
Political Science / Political Economy
Political Science / Public Policy / Social Policy
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This content is DRM protected.
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Public rhetoric in the United States has always laid heavy stress on the obligations of citizenship. Bill Clinton praised the idea of service, and so does George W. Bush. Since September 11, the debate over service and the obligations of citizenship has become even more urgent. United We Serve gathers many diverse voices on civic life and civic obligation to explore the idea of national service as it relates to citizenship. Activists and practitioners discuss the rise of the service movement, its practical successes, and its challenges. Policymakers and political leaders explore the links between service and problem solving. Political scientists and philosophers connect the service debate to larger concerns about democratic participation. The book also includes a lively debate over whether the U.S. should reconsider compulsory national service. The discussion about service is a debate over how Americans think of themselves and their nation—and about what the "new patriotism" means. Contributors include: Daniel Blumenthal, Harry Boyte, John M. Bridgeland, Louis Caldera, Bruce Chapman, former President Bill Clinton, Charles Cobb Jr., Jane Eisner, Jean Bethke Elshtain, William Galston, Stephen Goldsmith, Robert D. Haas, Stephen Hess, Peter D. Hart and Mario A. Brossard, Alan Khazei, John Lehman, Leslie Lenkowsky, Paul C. Light, Michael Lind, Tod Lindberg, Will Marshall and Marc Magee, Senator John McCain, Charles Moskos, Robert Putnam, Representative Charles Rangel, Alice M. Rivlin, Michael Schudson, Mark Shields, Carmen Sirianni, Theda Skocpol, Andrew L. Stern, Jeff Swartz, Steven Waldman, Caspar Weinberger, David Winston, Harris Wofford, and Robert Wuthnow.
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